TIDMTHR
RNS Number : 8650X
Thor Mining PLC
29 November 2017
29 November 2017
THOR MINING PLC
RESULT OF ANNUAL GENERAL MEETING
The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM,
ASX: THR) are pleased to announce that all resolutions proposed at
the Annual General Meeting of the Company held on 29 November 2017
in London, were duly passed without amendment.
As a result, the Directors have been granted the necessary
authorities to complete the conditional element of the placing
announced on 20 October 2017, by issuing a total of 41,151,314
ordinary shares of 0.01p each ("Ordinary Shares") at a price of
0.8p each (the "Conditional Placing and Subscription"), together
with one free attaching warrant for every Ordinary Share subscribed
for, each valid for a period of 12 months from the date of issue
and with an exercise price of 1.2p per warrant ("Warrants").
In addition, as required by ASX Listing Rule 10.11, shareholders
approved the participations of Mick Billing, Executive Chairman of
Thor, and Paul Johnson, a Non-executive Director, in the
Conditional Placing and Subscription. Mick Billing and Paul Johnson
have agreed to subscribe for 3,000,000 and 3,125,000 new Ordinary
Shares respectively (receiving matching Warrants).
Further, the issues of 29,473,686 Ordinary Shares and 29,473,686
Warrants pursuant to the firm element of the placing announced on
20 October 2017, which were issued within the Company's placement
capacity under ASX Listing Rules 7.1 and 7.1A, have now been
retrospectively ratified. This has the effect of refreshing the
Company's placement capacity under ASX Listing Rules 7.1 and
7.1A.
Shareholders have also approved the issue and allotment by the
Company of 3,531,250 Warrants to the Company's joint sponsoring
broker SI Capital Ltd and the adoption of an Employee Share Option
Plan which allows eligible persons (employees and directors of
Thor) to be offered the opportunity to receive options in order to
assist in the attraction, retention and motivation of
employees.
Mick Billing, Executive Chairman of Thor, commented: "I would
like to thank shareholders for their engagement and support during
the past year. Without the commitment of shareholders, Thor would
not have reached this advanced stage in its development.
"Financial stability is an absolute must for any AIM/ASX company
to fully advance its interests and within the last two months Thor
has seen over GBP1.6million of new cash generated from the placing,
warrant conversions and option exercises by a director. The
directors anticipate that this considerable funding will see the
Company fully funded, based on current planned activities, into
2019. We are thus in a position of considerable financial strength
and currently not reliant on the market for equity dilutive
financings.
"Our three core interests at Pilot Mountain (Nevada, US),
Molyhil (North Australia) and Kapunda (South Australia) are
advanced assets and each is benefiting from work currently
underway, from which we expect near term news to flow to the
market.
"Thor has material interests in copper, tungsten, and silver and
all interests are now focused on commercialisation to deliver real
demonstrable value for shareholders.
"We remain ambitious and note the immense opportunities
available within Australia particularly in high impact resource
exploration. Following the early conversion of options by director
Paul Johnson, we have created a dedicated fund of GBP125,000 to
cover costs of due diligence and assessment of new opportunities
and we are evaluating potential project opportunities in Australia
at the moment, including in the Pilbara region. This dedicated fund
allows us to be able to act on new opportunities, but ensure that
the bulk of our financial resources are focused on the
commercialisation of our current key interests."
"Thank you to shareholders once again and I look forward to
delivering further news in respect of our key business interests
and potential new opportunities in the near term."
Completion of the Conditional Placing and Subscription
Application has been made to the AIM market of the London Stock
Exchange ("AIM") for a total of 41,151,314 Ordinary Shares,
pursuant to the Conditional Placing and Subscription, which rank
pari passu with the Company's existing issued Ordinary Shares, to
be admitted to trading. Dealings on AIM are expected to commence at
8:00am on or around 30 November 2017 ("Admission").
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission, Thor
will have 575,115,870 Ordinary Shares in issue with voting rights
attached. Thor holds no shares in treasury. This figure of
575,115,870 may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the ASX Listing Rules or the
DTRs.
After the admission of the 8,472,381 Ordinary Shares issued
pursuant to the exercise of Warrants, announced on 28 November
2017, which is expected to take place at 8am on or around 6
December 2017 (the "Warrant Exercise Admission"), and assuming that
Thor issues no further Ordinary Shares in the meantime, Thor will
have 583,588,251 Ordinary Shares in issue. This figure of
583,588,251 may be used by shareholders in the Company following
the Warrant Exercise Admission as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in the
Company, under the ASX Listing Rules or the DTRs.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton Nominated
Daniel Bush/ 383 5100 UK LLP Adviser
Richard Tonthat
Elliot Hance +44 (0) 207382 Beaufort Securities Joint Broker
8300 Limited
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
413 500
Tim Blythe/ +44 (0) 207 Blytheweigh Financial
Camilla Horsfall 138 3222 PR
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com, which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RAGFMMZMMLRGNZM
(END) Dow Jones Newswires
November 29, 2017 06:39 ET (11:39 GMT)
Thor Energy (LSE:THR)
Historical Stock Chart
From Apr 2024 to May 2024
Thor Energy (LSE:THR)
Historical Stock Chart
From May 2023 to May 2024
